Das Williams
The State Treasurer’s office is expanding its loans to small businesses through the California Capital Access Program (CalCAP), Assemblymember Das Williams, 35th district, reported Tuesday, March 29.
CalCAP encourages Banks, Credit Unions, Savings Institutions, and Community Development Financial Institutions to make loans to small businesses who might otherwise not be able to obtain funding. Under CalCAP, small businesses can receive loans ranging from $500 to several million dollars. A form of portfolio insurance, CalCAP may provide up to 100 percent coverage on loan defaults.
CalCAP recently received $6 million from the State Budget and will be the recipient of at least $84 million dollars of the $168.6 million that the Obama administration is sending California to assist small businesses.
“During tax season, we are all forced to take a careful look at our finances. This is also the case for small businesses,” he said. “If you or someone you know owns a small business, I encourage you to take advantage of this program.”
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